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What Is A Closing Disclosure?
A Closing Disclosure is the final disclosure that needs to be disclosed to the borrower prior to the closing. The Closing Disclosure, also referred to as the CD, is the replacement of the old HUD-1 Settlement Statement and lists the final terms of the borrowers mortgage loan. Here is what the Closing Disclosure will disclose:
  • Terms of loan
  • Mortgage interest rate
  • Breakdown of borrowers monthly payments which are principal and interests, monthly mortgage insurance, and escrows
  • Whether the loan is a fixed rate loan or adjustable rate loan
  • Comparison of Loan Estimate and Closing Disclosure: The fees and costs originally disclosed versus final figures
  • Cash to Close
Closing Disclosures needs to be disclosed 3 days prior to closing and any major changes to the CD must be redisclosed and the three day waiting period clock re-starts. Here is a BLOG on What Is Closing Disclosure that was written and published on Gustan Cho Associates Mortgage & Real Estate Information Resource Center. Here is the link   https://gustancho.com/what-is-closing-disclosure


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